According to U.Today, American businessman Robert Kiyosaki, known for his 'Rich Dad Poor Dad' series of personal finance books, has minimized the impact of Bitcoin's recent price crash. Kiyosaki expressed his intention to purchase more Bitcoin and precious metals following the downturn. He stated, 'Crashes are times when the brave get richer and the cowards get poorer…. Because they sell or do nothing. The world is filled with poor cowards. Be smart,' in a follow-up social media post.
Earlier today, Bitcoin, the largest cryptocurrency, dropped to an intraday low of $51,331, marking its lowest level since February. This decline occurred in tandem with global market crashes. Japanese stocks entered a bear market, with the Nikkei 225 plunging by over 12%, the worst single-day drop since 1987. South Korea's Kopsi also fell by more than 8%. In the US, Nasdaq-100 futures dipped by 2.5%, indicating Wall Street is bracing for another challenging week following a recent tech sector downturn.
As reported by U.Today, Bitcoin's decline aligns with other risk assets after recent US economic data heightened recession fears. The growing acceptance of Bitcoin in mainstream finance has led to its increased correlation with other assets. Joe Weisenthal noted, 'I've made this point before, but it seems likely that as crypto becomes a greater component of institutional/diversified portfolios, its correlation with other assets will grow, particularly in risk-off periods when investors need to raise cash by selling whatever's available.'
